Illinois to Spend More on Pensions Than on Education

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http://www.foxbusiness.com/economy/2012/08/06/illinois-to-spend-more-on-pensions-than-on-education/

The state of Illinois faces at least $83 billion in unfunded liability between its five pension systems, and is on track to spend more on its government pensions than on education by 2016, a new study released by Governor Pat Quinn’s office says.

Among states, Illinois stands out for setting aside a huge 12% of its annual budget just for its chronically underfunded pension.





Buh buh buh, we need government spending to, uh, invest in the children, they say! Load of bull. Taking 12% of your paycheck and shredding it, well, I guess that's like the Social Security Tax.

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Illinois is not a well-run state.

On the contrary. Given the lavish wages of the unionized employees and their bosses and the choking deathgrip these people have acquired on the treasury (along with a bizarre constitutional guarantee aiding such), it seems quite well run for the intended purpose.


New Jersey incidentally has the same thing, where state pensions are guaranteed but the state, thanks to Democrats, has no actual legal obligation to fund them. The laws of mathematics will soon enact vengeance upon the public sector unions in these states.

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http://www.pjstar.com/news/x1671799355/House-committee-to-take-up-pension-reform-bill

The bill will include details of a new plan outlined late last week that includes higher employee contributions, a limit on cost of living increases to pension benefits and a mechanism to ensure that the state makes its required pension contribution each year.

The bill does not include shifting pension costs to local school districts, something that's derailed some previous reform efforts. House Speaker Michael Madigan, D-Chicago, said lawmakers could defer discussion of the cost shift if it meant a reform bill could be passed now without it.

Rep. Elaine Nekritz, D-Northbrook, said Sunday, when the House reconvened in Springfield, that she thinks the bill will be approved by the House Personnel and Pensions Committee, but she made no predictions beyond that.




A great battle for the treasury is brewing in Illinois.